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New Jersey Pension Invested $7M in Bitcoin Mining Stocks Last Quarter
The $30 billion pension took stakes in Riot Blockchain and Marathon Digital Holdings in a first for the state.
New Jersey’s pension fund chased crypto mining’s upside last quarter with multimillion-dollar bets on two of the industry’s biggest names.
STORY CONTINUES BELOW
The state-managed pension ended June with $3.66 million in Riot Blockchain (NASDAQ: RIOT) and $3.39 million in Marathon Digital Holdings (NASDAQ: MARA), according to disclosure documents.
New Jersey’s Common Pension Fund D has $30 billion in total assets for state employees.
The allocation appears to be New Jersey’s first in the crypto sector. Other state-run pension schemes have also warmed to bitcoin mining stocks in recent months, most notably California’s.
Read more: California Pension Fund Loaded Up on RIOT Shares During Bitcoin’s Q4 Rally
The NJ Division of Investment did not immediately reply to a request for comment.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
